Las Vegas (CNN) -- Sony says it's not quite game over for the PlayStation 3.

Contrary to reports, Sony does not plan to announce a new home video-game console at a trade show in June, said Kazuo Hirai, the company's deputy president.

"We're not making announcements at E3," Hirai told a roomful of reporters at the 2012 International Consumer Electronics Show here Tuesday when asked about plans to announce the PlayStation 4. E3 is the annual convention in Los Angeles where game companies typically make their biggest announcements.

The five-year-old PlayStation 3 will have a 10-year life cycle, Hirai said. Sony could still release a new system sometime in the next five years, of course. Sony continued to sell the PlayStation 2 system and games years after the PlayStation 3 debuted in stores.

For Sony's next console, the company will not deploy a streaming delivery system like OnLive, or fully cut out disc retailers like Best Buy and GameStop, Hirai said. While Sony has increased the number of games and other media available for download or streaming through its networks, most people cannot be expected to frequently download several gigabytes worth of data, which can be a time-consuming process, he said.

Sony Computer Entertainment president Andrew House said earlier that Sony is not planning to discuss a new console, the website ComputerAndVideogames.com reported on Monday. He also said that physical media, like Blu-ray discs, are currently the optimal way to deliver full games.

Sony released a new hand-held game system, the PlayStation Vita, in Japan last month. It plans to start selling the Wi-Fi and AT&T 3G versions of that system in the United States on February 22.

Like Microsoft has done with the Xbox 360 through Kinect, Sony is trying to extend the life of the PlayStation 3 through new accessories, like the Move controller wand, and initiatives like 3-D games. There are dozens of 3-D games now available, Hirai noted.

"We are definitely, from a Sony perspective, very committed to 3-D," Hirai said. "It's going to take a little while."

Sony CEO Howard Stringer, who also attended the gathering on Tuesday, compared the uptake of 3-D gaming and video to that of color television.

"3-D is waiting to happen," he said. "It's an inevitability. So be patient."

Sony only recently started turning a profit on the ps3, I can't imagine they or Microsoft are too eager to put a ton more money into a new console. I think you'll see this generation drag on for a while.

Sony only recently started turning a profit on the ps3, I can't imagine they or Microsoft are too eager to put a ton more money into a new console. I think you'll see this generation drag on for a while.

I hope so. I wanna milk my fat PS3 for another 5 years if I can. Same with my 360, but I don't touch aside from playing Mass Effect.

I think it could last for another 5 years (PS3 was said to have a 10 year shelf life)

It's all about the game developers, too. They want to make money off of these consoles via franchises, which will keep the industry strong.

In the next 5 years, we'll see another Fallout and maybe a new Elder Scrolls, a few more CODs, BF 2143, a new Bioware RPG series, a couple of Assassin Creed's sequel/prequels, a new acclaimed series, another Saints Row, another Batman: Arkham type of game, a Rockstar game or two, and a Metal Gear game.

Those games will likely keep people busy for the next 2-3 years. Even when the PS4 and XBOX720 is revealed, I can still imagine the consoles having a fair amount of usage for another 2-3 years more.